Spot gold fell 0.2% to $4,290.39 an ounce at 02:16 ET (06:16 GMT) on Tuesday after dropping more than 1% on Monday to a five-week low. Gold Futures declined 0.5% to $4,330.57, while a stronger U.S. Dollar Index, higher Treasury yields and rising oil prices pressured the non-interest-bearing asset ahead of the Federal Reserve’s policy decision. Markets were pricing about a 92% probability of a Fed rate increase this week, as energy costs heightened inflation risks and borrowing costs made gold less attractive. Separate Gate data cited by Odaily Planet Daily showed gold at $4,293.14, down 0.17%, alongside mixed global markets, while OCBC projected gold at $4,600 an ounce by December 2026.